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Indian share markets open firm
Wed, 12 Feb 09:30 am

The major Asian stock markets have opened the day in the green with the stock markets in HongKong (up 1.1%) and Japan (up 0.7%) leading the gains. The Indian share markets have also opened the day on a firm note. Barring metals, consumer durables and FMCG, all sectoral indices were trading in the green with realty and auto space leading the gains.

The Sensex today is up by around 90 points (0.4%), while the NSE-Nifty is trading up by around 20 points (0.3%). The mid and small cap stocks are also trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.3% each. The rupee is currently trading at Rs 62.10 to the US dollar.

Energy stocks have opened the day on a mixed note with Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) leading the losses. However, Jindal Drill Ltd and GAIL (India) Ltd were witnessing gains. State-run oil marketing company HPCL has announced results for the quarter ending December 2013 (3QFY14). Revenues for the quarter grew by 4.7% YoY. The total crude throughput for the quarter stood at 3.84 million tonnes (MT). The gross refining margin for the quarter stood at US$ 2.32 per barrel versus US$1.92 per barrel in the corresponding quarter last year. The Government contributed to less than half of the due subsidy. As such, the company reported a net loss of Rs 17.4 bn during the quarter, as compared to a net profit of around Rs 1.5 bn in the corresponding quarter last year.

Steel stocks have opened the day on a mixed note with Adhunik Metaliks and Jindal Saw Ltd leading the gains. However, Tayo Rolls and Tata Steel Ltd were leading the losses. Leading steel manufacturer Tata Steel has reported results for the quarter ending December 2013 (3QFY14). The net sales during the quarter were up 14% YoY. The sales volumes in India for the quarter increased 9.5% YoY. The delivery volumes in the European market increased by 6% YoY during the quarter. The operating profits for Indian operations registered a growth of 24% YoY. For European operations, the company posted operating profit of Rs 8.6 bn versus losses of Rs 4.3 bn in the corresponding quarter last year. The company reported net profits of Rs 5 bn for the quarter compared to a net loss of Rs 7.9 bn in 3QFY13. This was mainly led by higher sales volumes and improved profits in the European business. The management has said with an improvement in the European economy, the company is likely to benefit from the growth in European steel demand.

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